I only just learned this recently - it's *not* obvious (nor documented?).
When you have the Spotlight search results showing, COMMAND-click on the file. The folder in which it is located will open.
If you haven't already enabled this, you can also turn on the Folder's full pathname display in the title bar using one of the various system utilities (don't remember at the moment if it's Cocktail, or Onyx, or TinkerTool System, etc.).
And as always, you can Command-click in the middle of the folder's title-bar to show a drop-down list of where that folder is located on your computer.
May I suggest two excellent, and also 'must have' apps IMHO, when 'stoplight' can't or won't find or display what you're looking for, and they both sit in my Dock.
I find either or both are sometimes needed depending on their various search options available, and neither one relies on any spotlight index. so they can find ANY file or folder etc. on your Mac or any mounted volume. Each of which can be searched separately.
I always used to do a "get info" on a file in the spotlight search results to see the full path... Didn't know you could cmd-click to open the parent folder! I think I used a right-click for that once or twice?
Yeah right-click and "show orginal" (well in french, Afficher l'original)
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You could also just use the Path Bar feature, available from the View menu. Puts a bar at the bottom of all Finder windows, including searches, and tells you where the files are. Lets you double click on a parent folder/drive to open it.
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I usually use that. Before I was aware of the Cmd-click in spotlight, A file would open and I could not determine where the file was on my system. I hope Apple plans to change this in the future. This is annoying, not intuitive, the way Apple should be.
If the file is already open, you can also just right click on the file name in the application (at the window title bar) and it will show you the complete path to the file.
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You could also just use the Path Bar feature, available from the View menu. Puts a bar at the bottom of all Finder windows, including searches, and tells you where the files are. Lets you double click on a parent folder/drive to open it.
That's what I do.
If I'm searching for a file (as opposed to an email or contact), I usually start my search in Finder, not the Spotlight search, so that I can view the path info at the bottom of the screen. If I start my search in Spotlight and I'm not sure of the result, I'll select "Show All in Finder" at the top to get additional info.